The aim of this study was to obtain and evaluate the electrical, thermal and mechanical properties of iron oxide-filled castor oil polyurethane (PU/Fe2O3). The iron oxide used in this study was a residue derived from the steel pickling process of a Brazilian steel rolling industry. Polymeric composites with different iron oxide volume fractions (2.5, 5.0, 7.5, 10.0 and 12.5%) were prepared through the casting process followed by compression molding at room temperature. The composites were analyzed by FTIR, XRD and densities, tensile strength, Young's modulus, electrical and thermal conductivities measurements. By increasing the iron oxide content, the apparent density, tensile strength, Young's modulus and electrical conductivity values of the composites were also increased. The iron oxide additions did not change significantly the value of thermal conductivity (from 0.191 W.mK-1 for PU up to 0.340 W.mK-1 for PU enriched with 12.5% v/v of iron oxide). Thus, even at the higher iron oxide concentration, the compounds as well as the pure polyurethane can be classified as thermal insulators.